PMI

The April 2016 ISM Manufacturing Survey is a ho-hum month of manufacturing molasses. While in growth, Manufacturing is barely so and inventories are in their 10th month of contraction. PMI was 50.8%, -1.0 percentage point lower than March. New orders dropped -2.5 percentage points but are still in growth. Manufacturing Employment is still contracting and has been for five months.

The February 2016 ISM Manufacturing Survey is yet another month of manufacturing malaise. Manufacturing is in a 5th month of contraction, although much less so than last month. PMI was 49.5%, 1.3 percentage points higher than January.

The January 2016 ISM Manufacturing Survey is yet month of awful. Manufacturing is in a 4th month of contraction. This time is a smidgen better than December. PMI was 48.2%, 0.2 percentage points higher than the previous revised month. New orders did come out of contraction, but barely, while employment continued to plunge. Only eight sectors showed any growth according to the survey.

The December ISM Manufacturing Survey is yet another awful month. Manufacturing is in a second month of contraction and this time slightly deeper than November. PMI was 48.2%, -0.4 percentage points lower than the previous month. New orders is still in contraction and employment plunged and went into contraction. Only six sectors showed any growth according to the survey.

The September ISM Manufacturing Survey shows yet more deceleration of the manufacturing sector. While a PMI of 50.2% is still growth, it is barely growth. The composite PMI decreased by -0.9 percentage points and new orders decreased by -1.6 percentage points. Order backlogs truly imploded.

The August ISM Manufacturing Survey shows more deceleration of the manufacturing sector. While a PMI of 51.1% is still growth, the decline in new orders is disconcerting. The composite PMI decreased by -1.6 percentage points and new orders decreased by -4.8 percentage points. Overall the report really shows a weakening manufacturing sector.

The May ISM Manufacturing Survey shows a slight improvement from last month, yet nothing to write home about. The composite PMI increased by 0.7 percentage points to 53.5%. Manufacturing employment accelerated and order backlogs dropped. Prices for manufacturers didn't change for the month.

The May ISM Manufacturing Survey shows nothing in manufacturing is shrinking again. The composite PMI grew to a now safe 52.8% after a 1.3 percentage point increase. Manufacturing employment came out of contraction as did inventories. Exports move to no change. Prices are still decreasing but not by much anymore. Overall the report is a relief that things are not so bad.

The April ISM Manufacturing Survey PMI had no change from March and is still a barely breathing growth of 51.5%. Manufacturing employment went into contraction as did inventories. Exports improved as did new orders and production. The worse news of the ISM manufacturing report is employment.